Bristol Myers Squibb Co. (BMY) exceeded analysts' expectations in the fourth quarter of 2024, driven by the success of its flagship products, including the blood thinner Eliquis and a range of newer drugs.
In Q4, the pharmaceutical company reported a net income of $1.762 billion, or 87 cents per share, compared to $2.022 billion, or 95 cents per share, in the same period the year before. However, adjusted earnings per share reached $1.70, down 7% from the previous year but surpassing the FactSet consensus of $1.55. Furthermore, revenue for the quarter amounted to $11.477 billion, a 1% increase from the previous year and surpassing the FactSet consensus of $11.192 billion.
Bristol Myers Squibb anticipates low single-digit sales growth for the full year of 2024, with adjusted earnings per share projected to be between $7.10 and $7.40. These figures exceed analysts' estimates and highlight the company's positive outlook.
The sales growth of Eliquis, a blood thinner selected for Medicare price negotiations under the Inflation Reduction Act, played a significant role in Bristol Myers Squibb's success. In the fourth quarter alone, Eliquis generated $2.87 billion in revenue, representing a 7% increase from the previous year and surpassing analysts' expectations.
While sales of Revlimid, a multiple myeloma treatment, declined by 36% in Q4 to $1.45 billion, the strong performance of Eliquis and the cancer drug Opdivo helped offset this downturn.
Bristol Myers Squibb's promising fourth-quarter results highlight its continued success within the pharmaceutical industry and reinforce its position as a leader in the market.
Bristol Myers Continues to Drive Growth in Q2
Bristol Myers Squibb, a leading pharmaceutical company, reported impressive sales figures for the second quarter. Their new product portfolio generated $1.072 billion in sales, marking a significant 66% increase compared to the same period last year.
The growth was predominantly fueled by the success of two treatments. Opdualog, a melanoma treatment, and Reblozyl, an anemia drug, played a crucial role in driving up the company's sales. However, there was a slight setback, as their CAR-T cell therapy, Abecma, experienced a 20% decrease in sales, totaling $100 million.
A notable development is that Bristol Myers Squibb's partner on Abecma, 2seventy bio Inc., recently announced a strategic shift in their focus. The company will now solely concentrate on the development and commercialization of cell therapy. As part of this shift, they have sold their research-and-development pipeline to Regeneron Pharmaceuticals Inc.
Amidst the challenges faced by Bristol Myers Squibb in the past year, with their shares experiencing a sharp decline of over 30%, the company has embarked on a shopping spree. In December, they made noteworthy acquisitions by purchasing RayzeBio Inc., a radiopharmaceuticals company, and Karuna Therapeutics Inc., which holds a key experimental treatment for schizophrenia called KarXT. A regulatory decision on KarXT is expected in September.
Additionally, Bristol Myers Squibb successfully completed its acquisition of cancer drugmaker Mirati Therapeutics Inc. just last month.
Despite the hurdles faced, Bristol Myers Squibb remains optimistic about the future. Although their shares have declined by 5.2% year-to-date, the broader market index, S&P 500, has gained 2.9%. This suggests that there is potential for a positive turnaround in the coming months.
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